Mortgage Loan | Apply for Loan against Property : Mortgage Loan – How to Apply – Interest Rate

Lender

Interest Rate (p.a.)

Loan Amount

Loan Tenure

HDFC Bank

8.75% Onwards

Up to 60% of the mortgaged property’s market value

Up to 15 years

ICICI Bank

9.40% Onwards

Up to Rs.5 crore

Up to 15 years

State Bank of India (SBI)

1.60% above 1-year MCLR rate to 2.50% above 1-year MCLR rate

Up to Rs.7.5 crore

Up to 15 years

Axis Bank

10.50% Onwards

Up to Rs.5 crore

Up to 20 years

Citibank

8.15% Onwards

Up to Rs.5 crore

Up to 15 years

HSBC Bank

8.80% Onwards

Up to Rs.10 crore

Up to 15 years

PNB Housing Finance

9.80% Onwards

Up to 60% of the property’s market value

Up to 15 years

IDFC Bank

Up to 11.80%

Up to Rs.5 crore

Up to 15 years

Karur Vysya Bank

10.00% Onwards

Up to Rs.3 crore

Up to 100 months

Union Bank of India

9.80% Onwards

Up to Rs.10 crore

Up to 12 years

IDBI Bank

10.20% Onwards

Up to Rs.10 crore

Up to 15 years

Oriental Bank of Commerce

10.95% Onwards

Up to Rs.10 crore

Up to 10 years

Federal Bank

10.10% Onwards

Up to Rs.5 crore

Up to 15 years

Corporation Bank

10.85% Onwards

Up to Rs.5 crore

Up to 10 years

Vijaya Bank

Contact the bank for details

Up to Rs.5 crore

Up to 10 years

PURPOSE

• Personal needs such as marriages, higher education, business travel, medical emergencies or any unforeseen expenses

• Secured overdraft may be allowed as liquidity finance

• For taking benefit of lower interest rate, customers can also apply for takeover of existing mortgage loan/s from other Banks/FI

MORTGAGE LOAN ELIGIBILITY

• Indian citizen (both resident and non-resident) having regular source of income and owning non-agricultural (residential / commercial/industrial) property.

• Minimum age – 18 years and maximum age – 75 years.

• Individuals may apply singly or jointly with other eligible individuals.

QUANTUM OF LOAN

• Minimum of Rs.5 Lakh

• Maximum – Resident Indian – Rs.10 Crore and Non Resident Indians – Rs.5 Crore

MORTGAGE LOAN MARGIN

• 50% of the fair market value of the property mortgaged as per the latest valuation report.

NATURE OF FACILITY

• Term Loan

• Overdraft

REPAYMENT

Term loan:

• The maximum repayment tenure will be lowest of the following three:

• 15 years (180 months)

• Residual period till the borrower attains the age of 75 years

• 5 years prior to the residual life of the property

• Overdraft:

• Maximum tenor of 15 years (180 months)

• The limit will reduce every month with fixed amount so as the total principal is repaid in the tenure of the loan

• Interest will be calculated and debited every month on the basis of actual use of the limit and to be serviced monthly.

• Account to be adjusted 5 years prior to the remaining life of the property

MORATORIUM

• No moratorium allowed under the scheme

MORTGAGE LOAN RATE OF INTEREST

• Please click here to know our latest interest rates

• Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actual.

PREPAYMENT PENALTY

• There is NO prepayment penalty.

SECURITY

• Residential / Commercial property, which is in the name of the borrower(s).

• property should be located at metro/urban/Semi-urban areas coming within municipal limits only

• All the co-owner(s) of the property need to join in as co-applicant(s).

• Open Plot/Land not acceptable.

GUARANTEE

• Third party guarantee is not mandatory for resident Indian.

• Guarantee of a local resident Indian having means equivalent to that of the loan amount, is to be provided by the NRI applicant.

INSURANCE

• Property should be comprehensively insured for an amount not less than the value of the property (less cost of land), covering all risks with Bank clause.